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FXCM is a Forex and CFD broker, and this is ranked (Rank 3) as the Best forex broker by tradingcritique.com. Here in this article, tradingcritique.com gives you the FXCM Broker review for the year 2023. This Broker review will improve your trading knowledge about FXCM Groups and Markets. Our Trading Critique Experts provide complete details about FXCM regulations with a detailed product guide.
FXCM (https://www.fxcm.com/za/) is well known by another name called Forex Capital Markets. It was founded in 1999, and it is headquartered in the United Kingdom. Brendan Callan is the CEO of this company. It is one of the London-based Forex and CFD broker.
FXCM is a Zero commission broker, so it is best for beginner stage traders. They provide a lot of trading instruments with advanced trading platforms. The available trading platform in FXCM is MetaTrader 4 and it also provides Social Trading.
FXCM is authorized and licensed by several jurisdictions. The minimum deposit amount starts from $50, and the maximum leverage is up to 400:1. They provide Live chat and Expert Advisors Chat options for customer service and they are available 24/5.
FXCM does not provide services to some country’s regions, such as residents from the United States, Canada, European Union, Hong Kong, Australia. The United States Market has banned FXCM service due to defrauding complaints.
Image 1: Home page in FXCM website.
FXCM is approved and authorized by several financial jurisdictions like Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Financial Sector Conduct Authority (FSCA).
FXCM Markets is a subsidiary of FXCM Groups. So, FXCM Markets is not regulated and not subject to the FXCM Groups regularities.
| Country | Regulations | Company name | Registration details |
|---|---|---|---|
| United Kingdom | Financial Conduct Authority (FCA) | Forex Capital Markets Limited https://www.fxcm.com/markets/ | Registration Number: 217689 |
| Australia | Australian Securities and Investments Commission (ASIC) | FXCM Australia Pty. Limited https://www.fxcm.com/au/ | AFSL 309763. FXCM AU ACN: 121934432 |
| South Africa | Financial Sector Conduct Authority (FSCA) | FXCM South Africa (PTY) Ltdhttps://www.fxcm.com/za/ | Registration Number: 46534 |
Table 2 : Awards received for the Excellency of FXCM for various domains
| Awards | Awarded by |
|---|---|
| BROKER OF THE YEAR 2021 | ULTIMATE FINTECH AWARDS |
| BEST FX PLATFORM 2021 | PERSONAL WEALTH |
| BEST ZERO COMMISSION BROKER 2021 | ADVFN INTERNATIONAL FINANCIAL AWARDS |
| BEST CUSTOMER SERVICE 2021 | ULTIMATE FINTECH AWARDS |
| BEST FOREX TRADING PLATFORM – GLOBAL 2020 | GLOBAL FOREX AWARDS |
| BEST ONLINE TRADING APP 2020 | COMPARE FOREX BROKERS |
| BEST TRADING TOOLS AND RESEARCH 2020 | SHARES AWARDS |
Image 2 : Recent Awards won by FXCM
FXCM offers competitive spreads and Enhanced Execution via Liquidity providers. Liquidity providers are the main reason for the availability of better spreads for various trading instruments in FXCM. FXCM’s Liquidity providers are the major financial institutions, global banks, and other market makers.
Enhanced Execution Features in FXCM are,
Image 3 : Different types of trading instruments available in FXCM explained with their features
| Trading types | Features to trade in FXCM | |||||
|---|---|---|---|---|---|---|
| Forex |
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Major Currency pairs are
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Minor Currency Pairs
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| Shares |
FXCM Share CFDs: |
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| Indices |
The popular Indices available in FXCM: |
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| Commodities |
FXCM commodities are,
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| Cryptocurrencies |
Available Cryptocurrencies in FXCM are,
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| Forex Baskets |
The Different types of FXCM Forex Baskets available are,
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| Stock Basket |
Stocks from different sectors are grouped under the stock baskets listed below, |
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The different stocks under some FXCM Stock baskets are listed below, |
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BIOTECH
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FAANG
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CANNABIS
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The different
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CASINOS
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US Automotive (US.AUTO)
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China Ecommerce (CHN.ECOMM)
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US Banks (US.BANKS)
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China Tech (CHN.TECH)
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US E-Commerce (US.ECOMM)
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FXCM provides trade world’s most popular instruments with flexible trading hours. You can trade all the products in the FXCM Trading Station platform anywhere.
FXCM provides good leverage and margin options for its clients. Check the below image for more details.
Image 3: Leverage and Margin details in FXCM
Image Copyrights reserved to FXCM
FXCM provides a competitive spread on CFD instruments and currency pairs. They offer trade volume-based on deep discounts for Active Traders on spread costs. The spread cost is different between the bid price and the ask price of two currencies pair or any other asset you place your trade.
Image 4 : CFD spread cost details in FXCM.
Image Copyrights reserved to FXCM
Order execution is the main thing for every trade. FXCM provides the best transparent order execution for their clients. They use superior technology for order execution which increases the speed of execution. This reduces slippage and reduces any loss that may incur during the minute time lag that happens while you place orders. It gives the best experience for trading.
FXCM provides advanced award-winning trading platforms, like MetaTrader 4 and Social trading platforms to its clients. The FXCM trading platforms are designed to perform well on Mobile, Desktop, and Web. All the trading platforms are incorporated with all kinds of markets assets.
Trading Station is an FXCM’s advanced trading platform that works on iOS, Android, and Mac. Trading Station is the trading platform created by FXCM. Trading Station is more customizable and User friendly. They provide access to trading News, Calendars, Education, and Research sections. It exclusively provides HTML5 Web trading features.
Image 5 : Features about charts available in FXCM Trading Station
MetaTrader 4 (MT4) is the best trading platform for trading markets worldwide. MT4 is developed based on MetaQuotes Software. Generally, the MT4 software package provides several specific order types, custom indicators, tools for technical analysis, and trade automation.
MT4 also offers a free demo account with a maximum number of features to practice the trade. FXCM’s MT4 platform is available on Google Play Store and Apple App Store.
Image 6: MetaTrader 4 in FXCM
FXCM provides NinjaTrader 8 with an advanced charting option. NinjaTrader is developed by the NinjaScript programming language. It has a customizable array option so you can create and manage your workspace.
Image 7: Ninja Trader 8 Web Trading view in FXCM.
ZuluTrade is the largest social trading platform, and it is fully automated. It offers Social trading and Copy trading options. It monitors and protects your funds via ZuluGuard, and then it also creates a protection shield based on your capital investment.
Image 8: Social Trading in FXCM
FXCM provides Tradingview PRO Promotion for their clients. This promotion offer is suitable for new and existing clients. They offer this promotion free for one year.
FXCM has an Artificial Intelligence (AI) trading option. This strategies gives more features and simplifies your trading time. You have to provide your ideas in simple English, and the technology will execute your ideas.
FXCM offers third-party trading platforms. It is fully integrated with FXCM’s trading functions and operations.
Table 4: Specialty Platforms Features in FXCM
| FXCM Specialty Trading Platforms | Features of FXCM Specialty Platforms |
|---|---|
| QuantConnect |
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| MotiveWave |
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| AgenaTrader |
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| Sierra Chart |
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| SeerTrading |
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| NeuroShell Trader |
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Image 9: Platform Comparison in FXCM.
An Application Programming Interface (API) trading is a combination or group of protocols, definitions, and tools for building application software. They offer four-count of Free APIs along with a direct interface of FXCM.
Image 10: Trading APIs Comparison in FXCM
Image Copyrights reserved to FXCM
FXCM provides trading globally with different websites in different languages. Most of the websites are available in the English language for different countries.
Table 5: Multilingual trading websites of FXCM segregated continent wise
| No | FXCM Trading Websites | Countries | Website Language |
|---|---|---|---|
| 1. | FXCM (Main) | Global | English |
| Continent 1 – EUROPE | |||
| 2. | FXCM UK | United Kingdom | English |
| 3. | FXCM EU | Cyprus | English |
| Continent 2 – ASIA | |||
| 4. | FXCM ישראל | Israel | Hebrew |
| 5. | FXCM 香港 | Hong Kong | Traditional Chinese |
| Continent 3 – AUSTRALIA | |||
| 6. | FXCM Australia | Australia | English |
| Continent 4 – AFRICA | |||
| 7. | FXCM South Africa | South Africa | English |
| Continent 5 – NORTH AMERICA | |||
| 8. | FXCM Canada | Canada | English |
FXCM provides two types of trading accounts with Forex and CFD trading as a base. We know that FXCM is a Zero commission broker. The Demo account is also available for all kinds of trading platforms.
You should create different trading accounts while using trading platforms like NinjeTrader, TradingView, etc. But for Trading Station, MT4 and ZuluTrade trading platforms you can use the same FXCM log in.
FXCM is a Contract For Difference (CFD) account with the price movement of Stocks, Indices, Commodities, and Currency.
Forex account is the Retail trading account available in FXCM. This account is much suitable for Beginners in trading and novice traders. Low spread costs will help you make more trades with the best trading strategies.
The maximum leverage is 400:1 for forex trading and 200:1 for trading with Commodities and Indices. For CFD trading, they offer Award-winning 24/5 customer support, Webinars, and real-time instructions.
FXCM’s Active trading account is suitable for High-Volume Investors. They provide competitive monthly cash rebates for Active Trader, and this is eligible for high-volume traders. This offer is available for limited instruments, like forex, commodities, and indices. It has contained five tiers. When you reach the fifth tier, they offer a rebate for $25 per million traded.
FXCM offers experienced personal managers to the active trade account holders. This account is best suited for experienced traders.
Image 11: Rebate program in FXCM
Image Copyrights reserved to FXCM
Eligibility for Professional Trader,
You must have at least two of the above three conditions to pursue a professional trade.
FXCM provides a Spread Betting trading account for UK clients. Spread Betting is the gateway for entering the financial market. It is one of the tax-free and high-profit trading in rising or falling markets. They offer Spread Betting along with the following assets, such as Commodities, Currency Pairs, Shares, and Indices.
Virtual Private Server (VPS) Hosting is a third-party trading service. You can enhance your trading platform into VPS hosting. It will increase your trading speed, provide internet stability, shows real-time trading accurately. FXCM does not provide a warranty for third-party service, like VPS hosting. VPS has two types, and they are LIQUIDITYCONNECT.COM and BEEKSFX.COM.
Benefits for VPS Hosting
Benefits for VPS Hosting
| liquidityconnect.com | beeksfx.com | |
|---|---|---|
| Memory | 2,560 MB | 2,560 MB |
| Disk Space | 100 GB | 100 GB |
| OS | Windows Server 2012 R2, 64 Bit | Windows Server 2012 R2, 64 Bit |
Demo Account is nothing, but it is a practice account for reducing the trading fear. FXCM provides a free demo account with $20,000 in virtual funds. You can access and trade all kinds of FXCM’s markets assets. Also, you can able to use trading tools and options.
Image 12: Demo Account in FXCM
Image Copyrights reserved to FXCM
Refer From – https://www.fxcm.com/markets/accounts/trade-now/
FXCM‘s minimum deposit amount is 50CCY (CCY – Currency), which means 50 units of the base currency.
Currently, they offer for initial deposit above $1000, and you will receive the bonus amount of $10. The maximum deposit time duration is up to five business days. If the account is inactive for 12 months, FXCM charges an Inactivity fee of up to 50 units of the base currency.
FXCM withdrawal fee is 0 for all kinds of transaction methods, except wire transfer. They charge $40 for withdrawal while using the bank wire transaction method. You can withdraw as much of your funds as you want, and there is no limitation for withdrawal. If your account were in an inactive state for 6 months continuously, FXCM will close your account.
FXCM offers a bonus amount for friends and family member referrals. The referral bonus amount depends on your initial fund and trading volume. The minimum initial deposit fund is $300. This bonus amount is available for both traders and recommended people.
Image 13: Referral Bonus in FXCM.
Image Copyrights reserved to FXCM
FXCM Trading hours depend on trading instruments. They provide various trading hours for all kinds of available trading instruments.
Table 6: Different trading hours available for various instruments in FXCM
| Demo Table | |||
|---|---|---|---|
| 1. | We will add | a new table | soon |
FXCM answers all kinds of questions via video from the video library. They offer a demo account for all types of trading accounts and trading platforms. Features like Economic Calendar, Market Scanner, Live Forex Charts, Markets Data Signals are available in FXCM.
FXCM also provides 14 days of free signals for a live account. They conduct a free trading workshop for registered users. FXCM offers trading guides and trading tools.
FXCM researches Charts, Indicators, Instruments, Trading signals, etc and gives ample information to its clients. From the FXCM news section, you can find related news about world markets, Currency pairs, forex, etc.
FXCM tutorial videos and video gallery is excellent in providing answers for Demo Account, Account Opening, Trading, Deposit, Withdrawals, etc. through its presentation.
Image 14: Education and Research page in FXCM
Image Copyrights reserved to FXCM
FXCM offers customer support via Experienced Advisers. They were available for 24/5 with multilingual language support. FXCM support their customers via Email, Live Chat, WhatsApp, and Phone lines. FXCM has 40+ countries’ local office phone numbers which are toll-free.
The FAQ page gives relevant answers to the questions. On the top right corner of the FXCM homepage, you can check the support section that gives answers to relevant queries about FXCM.
Image 15: Contact Details of FXCM
Image Copyrights reserved to FXCM
Add info about the phone numbers
The below table provides FXCM’s international contact numbers country wise,
Table 7: Available Contact Numbers of FXCM segregated Continent and Country wise
| Demo Table | |||
|---|---|---|---|
| 1. | We will add | a new table | soon |
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